Paul V. Profeta & Associates has expanded its out-of-state portfolio with the acquisition of a 362,000-square-foot, triple-net-leased industrial complex in Central Florida.

The property, which is leased to Sherwin-Williams, is located at 400 Winter Haven Blvd. in Winter Haven, about 50 miles east of Tampa. Profeta purchased the property from Gvest Winter Haven LLC for $34.5 million, using the proceeds from the recent sale of a large industrial development parcel in Somerset as part of a 1031 exchange.

Sterling Champ, an executive vice president with CBRE, brokered the transaction.

Sherwin-Williams, which uses the facility to supply its stores in Central and South Florida, has a 20-year triple-net-lease at the property with six five-year options.

“This asset is home to a mission-critical facility for Sherwin-Williams,” said Paul V. Profeta, owner and president of Paul V. Profeta & Associates, which is based in West Orange. “We saw an opportunity to acquire a property that is triple-net-leased to a premier credit tenant, in one of Florida’s top industrial submarkets.”

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